Florida’s Chief Financial Officer Tom Gallagher rolled out an essay contest
aimed at encouraging financial literacy among middle and high school students.
The contest, “Cash in on Your Money Smarts,” offers students a chance at more
than $7,500 in prizes statewide, with a top individual award of $750 for one
student in each of five geographic regions.

The essay contest is part of Gallagher’s statewide public education initiative,
Your Money, Your Life, which is designed to help Floridians in need of
information on how to stretch limited budgets, avoid debt and build assets,
including savings and home ownership. Gallagher started the program earlier
this year in response to a recent survey reporting that many Floridians put
themselves at financial risk by waiting too late to save and by running up
debt. The program includes a comprehensive educational website available at
www.yourmoneyyourlife.org.

The survey also found that interests run high statewide in providing Florida’s
young with a solid education in personal finances. Nearly 90 percent of
Floridians believe schools should make teaching financial management skills a
required part of the curriculum.

The essay contest, “Cash in on Your Money Smarts,” is open to teens 14-18 years
old. Students must submit a 750-word essay on the topic of good financial
decision-making skills to the Florida Department of Financial Services, which
Gallagher oversees, by February 11, 2005. Essays may be submitted
electronically or by mail, in English or Spanish. Three essays will be selected
for each of five geographic regions in Florida, and cash prizes will be awarded
for first, second and third place for a total of $7,500 in prizes. For complete
contest details or to download an essay application or submit an essay
electronically, students, teachers and parents should log on to
www.MyFloridaCFO.com and click “Cash in on Your Money Smarts.”

Essay contest participants will be asked to explain why they believe they have
“Money Smarts.” Responses may address earning and saving money for a special
purchase, using a budget, or they may describe who and what influences youth
spending.

Judging the contest will be representatives from the Florida Council on Economic
Education, a non-profit organization that supports financial education
initiatives in schools and businesses statewide. In addition, department
employees Fred Varn and Greg Thomas, who also serve as Leon County School Board
members, will also participate in the judging process.

“We hope this essay contest is a fun and educational way for teens to learn
about good money management,” Gallagher said. “Learning these valuable skills
now will pave the way for a lifetime of financial success.”

Financial support for the “Cash in on Your Money Smarts” essay contest comes
from the Investor Protection Trust, a fund created in 2003 from a multi-million
dollar settlement reached with federal regulators. A portion of the funds was
earmarked for investor/financial education.

“The‘Cash in on Your Money Smarts’ contest dovetails with school-room
efforts and, just as importantly, gives families of students a way to get
involved,” said Gallagher. Gallagher also said that staff with the department
will conduct presentations in many public schools to help teach basic financial
management skills to Florida students.